Rewarding Savings Culture in Time of Recession
Raheem Akingbolu looks at how the ongoing ‘Reach for the Skye Millionaire Reward’ promo sponsored by Skye Bank is helping to cushion the effect of recession
The Reach for The Skye reward promo is an initiative meant to reward mass market customers for saving their money with the bank; as well as support the Central Bank of Nigeria’s financial inclusion policy
The Nigerian economy went into recession in 2016, and the economy has ever since been defined by devaluation, inflation, and other negative tendencies that hurt the standard of living. Experts say the current economic condition confirms the fact that Nigeria’s growth and exchange rate stability in the last decade and half, from 2000 to 2014, had been dependent on favourable global commodity cycles.
Reward But despite the gloomy economic outlook in the country, some corporate organisations have remained resolute in their commitment to making life enjoyable and bearable for customers. One of such organisations is Skye Bank Plc., which recently re-launched its Reach for the Skye Millionaire Reward Promo, with over 36 customers emerging millionaires in Season I of the promo.
The Season II of the promo is in full gear and is said to be rewarding customers with millions of naira and plenty of consolation prizes as promised. According to Skye Bank, the reward promo was instituted not just to encourage customers to save, but also to reward them for doing so.
Giving a background of the reward exercise, the bank explained that it was instituted to encourage savings culture among its customers. “The Reach for The Skye reward promo is an initiative meant to reward mass market customers for saving their money with the bank; as well as support the Central Bank of Nigeria’s financial inclusion policy,” the bank stated.
Testimony Millionaires, who are already emerging in Season II of the exercise, have been sharing their testimonies regarding the change in their status through the reward promo. Olusola Olusegun Ezekiel was one of the lucky winners of N1 million, who emerged the first Millionaire at the draw where the Ayangburen of Ikorodu, Oba Kabiru Shotobi, endorsed the initiative as life changing. Ezekiel said he was excited when informed that he had won. He said the award could not have come at a better time.
Oba Shotobi, who was the guest of honour at the draw, used the occasion to share his personal story, while lauding Skye Bank for its commitment to financial inclusion, building entrepreneurs’ and empowering SMEs. The royal father recollected how the bank had encouraged him to save and later advanced him overdraft facility from which he recorded a big success and profit. “And I have since remained a customer of the bank till date,” he said. The traditional ruler vouched for the integrity and responsiveness of staff and management of the bank and urged his subjects and Nigerians, generally, to continue to patronise Skye Bank, which he described as a “truly Nigerian brand.”
Similarly, Mrs. Ohaeme Elizabeth of Mgbidi branch in Imo State, who emerged as the new Millionaire at the second draw of the savings reward promo, was elated at the cheque presentation ceremony in Owerri, exactly 24 hours after she was picked as the second millionaire. She said, “I am so grateful to he Almighty God that made this possible. I have been banking with Skye for over 20 years and today Skye Bank remembered me and turned my life around with N1, 000,000. I will continue to be loyal to Skye Bank and make sure that I spread the news everywhere.”
Speaking on the ongoing Reach for the Skye Millionaire reward promo, the chairman of Imo State Council of Ndi-Eze congratulated the winner and thanked the bank for what he called a wonderful and life-changing gesture. His Royal Majesty, Eze Samuel Agunwa Ohiri KSC, Obi of Obi-Orodo (Eze Imo) praised Skye Bank for its support for businesses and individuals, which has contributed to the growth and development of Imo State. The second millionaire emerged in Owerri during the second draw of the bank’s saving reward promo.
Eze Ohiri, who gave the commendation during the cheque presentation ceremony in his palace, lauded Skye Bank for its professional banking services to the people and businesses in the state, which he said had made a transformational impact..
According to the traditional ruler, “I am a witness to the support Skye Bank has been giving to Imo people through their services and reward to their customers.” He described the bank’s support as professional and transformational in its impact and urged the people of Imo State to continue to bank with Skye Bank.
The draw attracted a huge crowd of passers-by and customers of the bank at the popular Benson Bus-Stop, hehind BRT Motor Park in Ikorodu, Lagos State. The winner, who emerged through an open and transparent electronic ballot, was, incidentally, a customer of Skye Bank’s Ikorodu main branch.
At the launch of the season II promo in January, the bank’s Group Head of Retail Banking, Mr. Ndubuisi Osakwe, gave details of the reward promo and noted that the reward was in recognition of the support of customers and sought to create several millionaires. He stated, “The bank will also seek to continue to nurture winners and migrate them to other areas of banking products that will help them build their wealth, ensuring that the under-banked and unbanked find the propositions of banking services more attractive and convenient.”
Osakwe further stressed, “The reward scheme will provide an opportunity for prospective customers of the bank to take the bold step of patronising the bank’s numerous cost-saving products and solutions,” emphasising, “you can only save your way out of poverty”.
On how people can qualify to participate in the reward draw, Osakwe explained that customers who made deposits or reactivated their accounts with N10, 000 (and its multiples), and maintained same for a period of 30 days, stood the chance of becoming millionaires every month. He added that consolation cash prizes included N100, 000 for 10 winners; N50, 000 for 10 winners; and N20,000 for 20 winners. Each month, more than 41 customers will be rewarded by the bank, with the first 200 customers to reactivate their dormant accounts given airtime worth of N500 each within 48 hours. Osakwe encouraged all Nigerians to spread the good news.
The Skye Bank’s ‘Reach for the Skye Millionaire’ reward scheme is an ongoing initiative which will see the bank give away the sum of N60 million in one year to customers who operate the Skye Save Plus and Skye Ease savings account types with a minimum credit balances of N10,000 on an incremental basis. The higher the account balances, the more the chance of winning.
The reward promo was unveiled at a time when individuals, groups and organisations are devising various survival strategies to rise above the challenges posed by the bad economic conditions. The Skye Bank initiative, certainly, gives hope to the people in this time of recession. Many believe such intervention at a time when all economic indices indicate that the aggregate economy is in recession, if emulated by other big players in the economy, would go a long way in ameliorating the effect of the harsh economic conditions on the citizens.